Cablevision: Q2 Profit Exceeds Estimates

The company added more high-speed Internet subscribers

Cablevision (NYSE:CVC) said on Tuesday that it earned $63.5 million during the second quarter, down 28% from $87.8 million in the same period last year.

EPS was 24 cents for the quarter. That beat Wall Street, which was looking for 19 cents a share, Bloomberg noted.

Revenue increased slighly to $1.7 billion, up fractionally from 2011, and matching the prediction of analysts.

Shares of Cablevision remained mostly flat in Tuesday afternoon trading.

Year-over-year earnings were dented by last year’s spin off of AMC Networks (NASDAQ:AMCX).

The company said it added 25,000 new subscribers to its high-speed Internet service and 23,000 new subscribers to its telephone service during the quarter. The number of cable TV subscribers remained flat, which beat a 10,000 subscriber loss estimated by analysts.

Company officials noted capital expenditures of $296.4 million during the quarter, a 38% boost over last year. The company is investing in new services and technology to compete with rivals like Verizon (NYSE:VZ).

Analysts cited by Bloomberg said that Cablevision was in an “investment mode.”